Daily Market Opinion for 30-Oct-2014

STI managed to recover its losses yesterday as it took the bullish lead from DJI. Market participants were positive of the Fed meeting results and they jumped into the market during the opening session. STI opened with a gap up which attempted to test 3220 level again. This lost ground was recovered as STI reached a high of 3230 level. However, STI seems to be bothered by its 200ma resistance line at 3226 level which it is unable to break that level yesterday. Last night, DJI was seen down by 31.44pts. Will STI be losing its bullish strength again? Or will STI continue to trade higher as there was no change in Fed’s decision?

STI’s rebound yesterday indicates that STI is holding well at its gap support level between 3202 – 3221 levels. But on the other hand, STI seems to be resisted by ...